Bitcoin (BTC) buyers should “enjoy” the chance to add to their stack below $40,000, says one of crypto’s household names.
In a post on X (formerly Twitter) on Nov. 24, PlanB, creator of the Stock-to-Flow family of BTC price models, hinted that current levels would not be around long.
PlanB: Time is ticking on $40,000 resistance
Bitcoin is destined to go much higher than its recent 18-month highs, PlanB believes, and time is ticking to increase BTC exposure below $40,000.
Known for his optimistic takes on long-term BTC price growth, PlanB this time used realized price data to support the case for bulls.
Realized price is Bitcoin’s realized cap — the sum total price at which all BTC last moved — divided by the current supply. It is currently at just below $21,000.
Bitcoin bear market bottoms are characterized by spot price dipping below realized price, while bull markets have begun once spot crosses the two-year and five-month realized price levels. These refer to the realized price of coins which last moved within either the last two years or five months — “younger” coins.
BTC/USD is now once again above all three realized price iterations.
“Enjoy sub-$40k bitcoin … while it lasts,” PlanB thus commented on an accompanying chart.
Bitcoin realized price chart. Source: PlanB/X
Asked whether the market should expect lower levels from here, PlanB would not be drawn, saying that he simply expected an average BTC price of at least $100,000 between 2024 and 2028 — Bitcoin’s next halving cycle.
Bitcoin hodlers bet on six figures
While PlanB has fielded criticism over Stock-to-Flow — and conceded that Bitcoin was not able to live up to his expectations during its 2021 bull market — six-figure predictions for the next cycle are increasingly common.
Related: Bitcoin to $1M post-ETF approval? BTC price predictions diverge wildly
As Cointelegraph reported, these are coalescing around an area with $130,000 as its focus for the end of 2025.
The halving itself, meanwhile, due in April 2024, should produce a return to around $46,000, further analysis says.
Earlier this month, PlanB described Bitcoin as being in a “pre-bull market” phase, with the real launch yet to come.
IMO bitcoin is currently in pre-bull market (yellow) and on track towards a full blown bull market (red, after halving unless earlier ETF approval).
Note I changed colors and stage names again, to better align with S2F model:
pre-bull
bull market
pre-bear
bear market pic.twitter.com/tmayjteVWv
— PlanB (@100trillionUSD) November 19, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Source: https://cointelegraph.com/news/enjoy-sub-40k-bitcoin-plan-b-100k-average-btc-price-2024
